Eldorado Updates Lamaque Complex Technical Report; Demonstrating Significant Value and Potential to Extend Mine Life to 17 Years

Core Viewpoint - Eldorado Gold Corporation has released an updated Technical Report for the Lamaque Complex, highlighting an 8-year mine life with a production of 1.2 million ounces of gold in the Reserve Case and a potential extension of mine life by 9 years with an additional 1.5 million ounces in the PEA Case [1][2]. Summary by Sections Technical Report Highlights - The Lamaque Complex Technical Report includes updated life-of-mine plans based on Mineral Reserves and Inferred Mineral Resources [1][3]. Reserve Case Highlights - The Reserve Case outlines an 8-year mine life producing 1.2 million ounces of gold with an All-In Sustaining Cost (AISC) of $1,176 per ounce [2][8]. - The after-tax Net Present Value (NPV) at a gold price of $2,000 per ounce is $555 million, and at $2,600 per ounce, it is $1.1 billion [8][19]. PEA Case Highlights - The PEA Case indicates a potential extension of mine life to 17 years, producing an incremental 1.5 million ounces of gold [2][8]. - The average annual gold production is expected to be approximately 185,000 ounces through 2036, with an AISC of $1,149 per ounce [8][19]. - The after-tax NPV for the PEA Case is $623 million at a gold price of $2,000 per ounce and $1.1 billion at $2,600 per ounce, with an incremental Internal Rate of Return (IRR) of 43.5% and 68.2% respectively [8][19]. Exploration Potential - Significant exploration potential exists to grow Mineral Resources in existing deposits, particularly in the Ormaque and Triangle deposits, which remain open at depth [9][10]. - The company is well-positioned with a large, under-explored land package in the Val d'Or area, continuing to assess exploration opportunities [10][11]. Operational Developments - The development of the Ormaque deposit will add a second underground mine to the Lamaque Complex, enhancing operational flexibility and efficiency [11][12]. - The company has successfully brought the Triangle deposit into commercial production and has produced nearly one million ounces of gold since acquisition in 2017 [11][21]. Financial Performance - Since the acquisition of the Lamaque Complex for $430 million, it has generated over $300 million in net cash flow, indicating strong financial performance [19][21]. - The company maintains an optimistic view of the long-term potential at the Lamaque Complex based on favorable findings from the Technical Report [13].